A bill to impose certain limitations on damage awards in actions for personal injury incurred by seamen on fishing vessels and to require additional safety regulations for fishing vessels.

Limits the liability of an owner of a fishing vessel or the employer of a seamen in an action brought by a seaman against such owner or employer as long as the employer provides: (1) a cure for an ill, injured, or disabled seaman; and (2) maintenance for a seaman becoming ill, injured, or disabled while in the service of the vessel, at a daily rate of at least $40. Outlines the civil actions to which such liability limitations apply. Exempts from such limitations those actions in which the owner's or employer's gross negligence or willful misconduct is proven.

Amends Federal law relating to the operation of fishing vessels to direct the Secretary of the department in which the Coast Guard is operating to prescribe certain safety regulations applicable to fishing vessels and certain associated equipment. Directs the Secretary, in prescribing such regulations, to consider the specialized nature and economics of the operations of such fishing vessels. Authorizes the Secretary to exempt a vessel from any regulation under this Act for good cause.